A cumulative wage-price spiral which produces very rapid inflation is called:
A. Anticipated inflation
B. Demand-pull inflation
C. Cost-push inflation
D. Hyperinflation
D. Hyperinflation
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Refer to Scenario 1 . If you start the course in such a way that each exam score is better than your previous average what should happen to your average score? What would happen to your average if it was below your previous exam score? Explain
What will be an ideal response?
Generally speaking, the more competitive a country's markets are, the greater are the opportunities for corruption
a. True b. False Indicate whether the statement is true or false
People are forced to make choices because of
a. unlimited wants and unlimited resources b. limited wants and unlimited resources c. unlimited wants and limited resources d. limited wants and limited resources e. limited resources are greater than unlimited resources
When oil prices increased to record levels in the 1970s, salaries dramatically increased for petroleum geologists skilled in finding oil. Those geologists who moved from other areas to the higher paying jobs were
a. seeking to profit from society's needs rather than following the guidance of the invisible hand, which would have led them to seek jobs serving society rather than jobs with higher pay. b. following the guidance of the invisible hand and probably serving society's best interests as well as their own. c. causing oil prices to rise even more by moving to jobs with higher salaries. d. helping themselves but hurting the economy.